Lighter Debuts LIT Token

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• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

• DeepBook - “The Backbone of Sui DeFi Liquidity”

• Premia x Block Scholes: Introducing Kyan

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

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Market Snapshot: Overnight Moves

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Daily Updates:

• Risk assets across the spectrum slipped in yesterday’s trading session as BTC failed to hold above $90K while US equities fell for a second day (the S&P 500 declined 0.3%, while the Nasdaq-100 dropped 0.5%.)
• Since mid-December, we’ve seen BTC have multiple attempts at breaking past the $90K wall of resistance — all of which have failed. Yesterday’s most recent attempt was no different and it now trades at $87K. 
• Price action has been further dragged down by a lack of inflows into the Bitcoin Spot ETF funds. We’ve noted in previous commentaries that institutional capital into Spot ETF wrappers have coincided with previous rallies in this cycle and that since the October liquidation event, ETFs have struggled to maintain any consistent inflow streak. 
• Yesterday marked the seventh consecutive outflow day (-$19.3M). 

• Profit taking in precious metals after a rally to record highs also saw gold, silver and palladium all drop sharply.
• Silver prices dropped more than 8% yesterday, after the largest single day rally since 2008 which saw it break past $80 per ounce for the first time in history. Gold prices fell more than 4% while palladium fell 17%.
• The current volatility in metals markets is anything but in US treasury markets however. 10 year US yields continued to trade around 4.1% yesterday, while the MOVE Index, a measure of US bond-market volatility, fell to 58 yesterday — the lowest level since October 2021 and far below its levels of 137 during the peak of the April tariff turmoil. 
• The recent lack of volatility in the US bond market coincides with an absence of any major data releases during the current Christmas and New Year period. 

• At a press conference yesterday, President Trump said that he has a single candidate in mind to replace Chair Powell of the Fed and also (as he often has) alluded to his desire to fire Powell.
• When asked if he has a preferred candidate Trump said, “I do, still do, hasn’t changed … I’ll announce him at the right time. There’s plenty of time.”
• He added that Powell “should resign” and that he’d “love to fire him.” 

• In thin year-end trading, the dollar held broadly steady ahead of the release of minutes from the Federal Reserve’s December meeting that are scheduled to be released today.
• In Asia, China’s onshore yuan strengthened through the psychologically important 7-per-dollar level for the first time in roughly 2.5 years. 

• Metaplanet said it bought 4,279 BTC in Q4, according to Simon Gerovich's post on X, spending $451.1M at an average $105,412 per coin. That takes its treasury to 35,102 BTC at an average cost of $107,606.
• With bitcoin around $87.4k, the Q4 buys are worth roughly $374M and total holdings about $3.06B.
• The firm is using a $500M credit facility, originally framed around buybacks, to fund purchases alongside overseas share issuance.

• Bitmine Immersion Technologies (BMNR) disclosed on Monday that it bought a further 44,463 ETH over the past week, lifting its ether treasury to 4,110,525 ETH, about 3.41% of circulating supply, as it works toward an eventual 5% target.
• The company put its ETH position at just over $12B at current prices, with total crypto and cash holdings of $13.2B (including 192 BTC and $1B cash as of 28 Dec).
• Bitmine also began staking, with more than 408,000 ETH now deployed to earn yield ahead of its planned “Made in America Validator Network” launch in early 2026.

• Strategy (MSTR) resumed bitcoin accumulation, buying 1,229 BTC between 22–28 December for about $108.8M at an average ~$88,568 per coin, according to their post on X.
• The purchase was funded via its at-the-market equity programme, with 663,450 MSTR shares sold for net proceeds of $108.8M, per a Form 8-K filed Monday.

• Lighter has launched its native token LIT, framing it as the incentive and value-accrual layer for its Ethereum-based perps ecosystem.
• 50% of supply is allocated to ecosystem growth (including an immediate airdrop to 2025 points participants), with the rest split between team (26%) and investors (24%) under a 1-year lock and 3-year linear vesting.
• The exchange says on-chain, trackable revenues will support growth initiatives and token buybacks, while staking LIT will tier access to infrastructure and verification features as decentralisation rolls out.

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This Week’s Calendar:

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Charts of the Day:

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